XRP Price Drops 11% Amid Regulatory Woes and ETF Hopes Dwindle
TL;DR
- $XRP's options market reflects caution among traders, anticipating further price declines due to ongoing regulatory uncertainties.
- Despite Bitwise's filing for an $XRP-focused ETF, the SEC's appeal against Ripple Labs dampens market enthusiasm.
$XRP's options market shows a bearish sentiment as traders expect a continued price decline amid regulatory uncertainties. This outlook is further influenced by the SEC's recent actions against Ripple Labs, which have overshadowed recent developments like Bitwise's filing for an $XRP ETF.
On Monday, Bitwise submitted an S-1 form to the SEC to establish an ETF investing in $XRP. However, the SEC's appeal against a favorable ruling for Ripple Labs has left $XRP enthusiasts disheartened, as the ruling had previously determined that Ripple did not violate securities regulations in its sales to retail exchanges.
As a result, $XRP's price has dropped by 11% to 53.7 cents in the last 24 hours, marking a week-to-date decline of over 16%. This places $XRP among the worst-performing cryptocurrencies in the top 100 by market capitalization. In contrast, market leaders $BTC and $ETH have seen smaller declines of 0.5% and 3.7%, respectively.
Options traders on Deribit are more pessimistic about $XRP compared to $BTC and $ETH, with a seven-day call-put skew of -3.2%, indicating a preference for puts. While funding rates in the $XRP perpetual futures market have turned positive, the overall sentiment remains cautious due to the ongoing regulatory landscape.
---
Follow for the latest news! đ
#BinanceLaunchpoolHMSTR SECFilesAppealRipple #SECAppealRipple BitwiseFilesXRPETF BTCUptober
